Losses widened at Irish security software company Baltimore Technologies to £86.2 million sterling in 2001 from £81.8 million a year earlier. The company also extended its self imposed deadline for breaking even to 2003.
In its full-year results published today, Baltimore blamed weaker than expected sales, low margins and high expenses built up in the earlier part of 2001 for the rising losses.
Revenues for the year were £70.4 million up 1.4 per cent from the restated levels in 2000.
Mr Bijan Khezri, Baltimore’s chief executive said today that Baltimore’s business had stabilised after a turbulent period.
"Whilst we do not expect any significant global macroeconomic growth until 2003, we believe that technology spending by our customers will increase in 2002," he added.
Baltimore said that following its restructuring, cash spend is now under control. At the end of 2001, Baltimore had cash balances of £21.2 million.
Write downs for the full-year amount to £426.9 million including £368.2 million from the sale of Content Technologies.
Staff numbers has been reduced from a peak of 1,400 in the first quarter 2001 to approximately 562.